GBP/USD: the instrument is consolidating 03.02.2020
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on GBP/USD for a better understanding of the current market situation and more efficient trading.
Current trend
GBP declines slightly against USD during today’s Asian session, correcting down after a confident “bullish” end of the past week. Last Friday, GBP showed strong growth, updating local highs from January 7. At the same time, there were few fundamental reasons for positive dynamics. GBP was most supported by Consumer Credit statistics. December credit volumes rose from GBP 0.653B pounds to GBP 1.218B, which was significantly better than the expectations of 0.914B. Mortgage Approvals for the same period increased from 65.514K to 67.241K with a forecast of 65.7K. Investors are focused on statistics on business activity in the UK and the USA for January.
Support and resistance
Bollinger Bands in D1 chart show moderate growth. The price range is expanding; however, it fails to catch the surge of last week’s “bearish” sentiments. MACD indicator is growing preserving a stable buy signal (located above the signal line). Stochastic keeps its upward direction but is rapidly approaching its highs, which points to risks of the overbought GBP in the ultra-short term.
Existing long positions should be kept in the short and/or ultra-short term until the situation is clear.
Resistance levels: 1.3208, 1.3245, 1.3300, 1.3349.
Support levels: 1.3151, 1.3100, 1.3055, 1.3000.
Trading tips
To open long positions, one can rely on the rebound from the support level of 1.3151, with the subsequent breakout of 1.3208. Take profit – 1.3300. Stop loss – 1.3151.
A breakdown of 1.3151 may be a signal for new sales with target at 1.3055 or 1.3030. Stop loss – 1.3200 or 1.3208.
Implementation time: 2-3 days.
Use more opportunities of the NPBFX analytical portal: weekly FOREX forecast
You can learn more about the current situation on GBP/USD and get acquainted with the weekly analytical forecast in the "Video reviews" section on the NPBFX portal. Weekly video reviews contain trends, key levels, trading recommendations for such popular instruments as EUR/USD, GBP/USD, USD/JPY, AUD/USD. In order to get free and unlimited access to video forecast and other useful instruments on the portal, you need to register on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on GBP/USD and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on GBP/USD for a better understanding of the current market situation and more efficient trading.
Current trend
GBP declines slightly against USD during today’s Asian session, correcting down after a confident “bullish” end of the past week. Last Friday, GBP showed strong growth, updating local highs from January 7. At the same time, there were few fundamental reasons for positive dynamics. GBP was most supported by Consumer Credit statistics. December credit volumes rose from GBP 0.653B pounds to GBP 1.218B, which was significantly better than the expectations of 0.914B. Mortgage Approvals for the same period increased from 65.514K to 67.241K with a forecast of 65.7K. Investors are focused on statistics on business activity in the UK and the USA for January.
Support and resistance
Bollinger Bands in D1 chart show moderate growth. The price range is expanding; however, it fails to catch the surge of last week’s “bearish” sentiments. MACD indicator is growing preserving a stable buy signal (located above the signal line). Stochastic keeps its upward direction but is rapidly approaching its highs, which points to risks of the overbought GBP in the ultra-short term.
Existing long positions should be kept in the short and/or ultra-short term until the situation is clear.
Resistance levels: 1.3208, 1.3245, 1.3300, 1.3349.
Support levels: 1.3151, 1.3100, 1.3055, 1.3000.
Trading tips
To open long positions, one can rely on the rebound from the support level of 1.3151, with the subsequent breakout of 1.3208. Take profit – 1.3300. Stop loss – 1.3151.
A breakdown of 1.3151 may be a signal for new sales with target at 1.3055 or 1.3030. Stop loss – 1.3200 or 1.3208.
Implementation time: 2-3 days.
Use more opportunities of the NPBFX analytical portal: weekly FOREX forecast
You can learn more about the current situation on GBP/USD and get acquainted with the weekly analytical forecast in the "Video reviews" section on the NPBFX portal. Weekly video reviews contain trends, key levels, trading recommendations for such popular instruments as EUR/USD, GBP/USD, USD/JPY, AUD/USD. In order to get free and unlimited access to video forecast and other useful instruments on the portal, you need to register on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on GBP/USD and trade efficiently with NPBFX.